President Muhammadu Buhari has reconstituted the Board of Directors of the Nigeria Bulk Electricity Trading Company Plc, NBET.
In a statement on Thursday, the Federal Ministry of Finance, Budget and National Planning said that President Buhari has given approval for the Board to be reconstituted.
Zainab Ahmed, the Minister of Finance, Budget and National Planning, is the Chairman, with Director-General of the Bureau of Public Enterprises, BPE, Alex Okoh, as non–Executive Director.
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The Bureau holds 80 per cent equity in the electricity bulk trader incorporated on July 29, 2010, as the special purpose vehicle to carry out the business of bulk purchasing and resale of electricity under license from the Nigerian Electricity Regulatory Commission, NERC, under the Electric Power Sector Reform Act, EPSRA.
Another non-Executive Director not below the level of a director is expected to be appointed into Board to represent the Federal Ministry of Power.
Also appointed as non-Executive Directors in the Board are the Director-General of the Debt Management Office, DMO, Patience Oniha, and the Director-General, Budget Office of the Federation, Ben Akabueze.
The newly appointed director and Head of the Internal Affairs & Efficiency Department of the Federal Inland Revenue Service, FIRS, Suleyman Ndanusa, was also named an independent non-Executive Director of the Board. Mr Ndanusa is former Director-General of Securities and Exchange Commission, SEC.
The former President of the Nigeria Society of Engineers, NSE, Mustapha Balarabe Shehu, and Adeyeye Adepegba were also appointed independent non-Executive Directors, along with the Managing Director/Chief Executive of NBET, Marilyn Amobi.
The NBET is a public limited liability firm owned 100 per cent by the Federal Government charged with the responsibility of serving as the manager and administrator of the electricity pool in the Nigerian Electricity Supply Industry, NESI.
In line with the “Roadmap to Power Sector Reform” of August 2010, and in fulfilment of the requirements of EPSRA, the NBET was set up to “engage in the purchase and resale of electric power and ancillary services from independent power producers and from the successor generation companies.”
All the appointments take immediate effect.